CHAPTER 03 ENCOURAGING YOUR CUSTOMERS TO WRITE PRODUCT REVIEWS Spiegel’s research, referenced before, also uncovers that product reviews may have even greater importance to B2B than to B2C marketers due to the likelihood of higher- consideration purchases being made. One illuminating figure from the report: “Based on data from a gift retailer, When reviews were when reviews were displayed for a lower-priced product, displayed for a lower-priced the conversion rate increased 190%. However, for a higher- product, the conversion priced product, the conversion rate increased 380%.” 190%rate increased 190%. Another finding revealed that, in general, more reviews lead to more purchases. “When products begin displaying reviews, conversion rates escalate. Having five reviews causes For a higher-priced purchase likelihood to increase by a factor of nearly 4x.” product, the conversion 380%rate increased 380%. Adding to these insights, a new Forrester report entitled, “Driving Customer Engagement with B2B Ratings and Reviews,” reveals that quality reviews play a crucial role in shaping purchase intent. “For ratings and reviews, review Five reviews causes quality is the key to attracting readership and interest. purchase likelihood to Reviews such as ‘It’s great’ or ‘Don’t buy this’ don’t offer increase by a factor of enough detail to be useful for the typical B2B customer.” 4X nearly 4x. 09